ICT Outlook for 2022: A Fuel for Economic Progress

The Philippines is a market leader in IT-BPM services and is a top tier location. The sector has shown tremendous expansion in worldwide market share during the last ten years. Today, it is the leading provider of voice-related services, and it is quickly expanding its capacity to provide non-voice BPM and IT services to a rising number of clients throughout the world (Philippine Board of Investments, 2018). This expected growth, however, had been recently challenged by various factors.

The Everest Group recalculated the industry's trajectory through 2022, revealing that revenue growth might drop from 7.1 percent in 2019 to -0.5 percent in 2020. According to the report, revenue would drop to $26.2 billion in 2019 from $26.3 billion in 2018. In the meanwhile, hiring growth is expected to slow, but the good news is that, despite the COVID-19 pandemic, the IT-BPM industry is expected to lose no employment (Everest Group, 2021).

Meanwhile, the quality of the Philippines' ICT infrastructure is lower and more costly compared to other countries. Most of the challenges in the sector that the country is currently facing are lack of ICT infrastructure, high cost of internet connectivity, cybersecurity threats, digital gap, lack of ICT Adoption in agricultural extension, and insufficient demand for connectivity in accessing online content and platforms especially in rural areas and unserved regions.

With that, the European Chamber of Commerce of the Philippines (ECCP), in collaboration with Converge ICT Solutions Inc., endeavors to unravel these challenges faced by the Philippine IT-BPM industry. Join us and be part of the solution on the webinar entitled "ICT Outlook for 2022: A Fuel for Economic Progress" on 28 February 2022 from 01:00PM - 02:30PM (GMT +8), aims to discuss the outlook of the ICT sector for 2022 and the initiatives of the government and private sector addressing the challenges of the said industry.